Individuals with higher income or asset value may not qualify for the Chapter 7 bankruptcy. Fortunately, you still have options for finding relief from your debt. Chapter 13 bankruptcy allows for the adjustment of debts, giving you a chance to construct an affordable repayment plan. This payment plan, lasting three to five years, allows you to pay your creditors in whole or in part and restore your solid financial standing.
More Than 20 Years Of Legal Experience
I am attorney David Grossman, and I offer comprehensive Chapter 13 bankruptcy advice to clients in the Baltimore, Maryland, area. With more than 20 years of regularly appearing before the bankruptcy court, I am able to address the complicated and confusing Chapter 13 bankruptcy process, giving you the peace of mind that your financial future is in the hands of an experienced lawyer.
There are many facets of Chapter 13 bankruptcy. I can guide you through the various options that may be available to you in a Chapter 13 bankruptcy:
♦ Consolidating and reducing your debts into an affordable payment plan
♦ Stopping foreclosures
♦ Stopping wage garnishments and bank account attachments
♦ Reducing car loan interest rates and balances owed
♦ Eliminating second mortgages and equity lines
Consolidating Your Debt Through A Chapter 13 Bankruptcy Payment Plan
Depending on the specifics of your financial situation, consolidating your debt and planning out a payment plan under Chapter 13 bankruptcy may be a better option than a Chapter 7 bankruptcy. The Chapter 13 bankruptcy process allows for the retention of your home and vehicles, offering you the chance to recover without losing important possessions or assets.
The amount of the monthly payment and the length of the repayment plan are based upon your monthly income, your monthly expenses, and the amount and nature of the debt you owe. Upon completion of the Chapter 13 repayment plan, you are granted a discharge for your remaining unsecured debts.
Chapter 13 will stop a foreclosure on your home and allow you to get caught up on your mortgage. If you have fallen behind on your mortgage, call me! I may be able to save your home. If you are unsuccessful with a loan modification, I may be able to help. Many of my clients have been approved for loan modifications while in Chapter 13.
Chapter 13 will also allow you stop collection actions on student loan debt. Student loans can be paid in whole or in part under a Chapter 13 plan. However, student loans are not discharged, except in rare cases of undue financial hardship.
A Chapter 13 begins with the filing of a petition, schedules, statement of financial affairs and means test calculation. The filing of a Chapter 13 stops most collection efforts immediately due to the automatic stay. It will also stay all collection actions against a co-debtor on consumer debts. About five weeks after the case is filed, you will have to attend a meeting of creditors administered by a Chapter 13 trustee. I will personally represent you at this meeting of creditors. Approximately one month later, you will have to attend a confirmation hearing. Again, I will personally represent you at this hearing. Once your plan is confirmed, you will have to make monthly payments to the trustee for the remainder of your plan. The trustee will make monthly payments to your creditors. After you successfully complete your plan, you will be granted a discharge.
Contact My Law Firm
I take the time to understand your unique financial situation before providing the best solution for you. I offer affordable rates and manageable payment plans to help you avoid additional financial burdens.
Contact my law office online, or call 410-752-6088 to speak to a Baltimore attorney for Chapter 13 bankruptcy assistance. When you call my office, you will speak directly with me.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.